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The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the new currency policy of the Central Bank of Nigeria (CBN) may cause dollar to drop to N200.
CBN moves to mop up Naira: Bawa's prediction comes barely a month before the introduction of new three series of Naira notes to the circulation.
Recall that CBN governor, Godwin Emefiele, had announced in October that N200, N500, and N1,000 notes will be redesigned and introduced from December 15, 2022 while the old notes will be completely phased out by January 31, 2023.
Bawa hails policy: Meanwhile, commenting on the gains of the policy, the EFCC boss in an interview with Deutsche Welle (DW) Hausa service, said President Muhammadu Buhari did well to approve the redesigning.
Bawa, who also dismissed insinuations that the policy was politically motivated, urged Nigerians to report any person with siphoned monies.
Bawa's word: “The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes on them. And that resulted to 85 per cent of money are in circulation not in banks, when CBN came up with this redesigning, dollar moved to 880 and later dropped to 680 or thereabouts.
“So you see with this redesigning dollar may massively fall, who knows probably to ₦200.
“There is no political motive in this; some people siphoned and hid public funds that is why we want them to bring them out and nobody says they should not bring them, what government says is let them deposit such money in banks.
“We assure Nigerians that we are always ready to receive reports of any person with suspicious hidden money and if investigated to be true, we will give 5 per cent of the money to them.”